It’s never fun to think about your own mortality. As a business owner, though, to disregard the possibility of an unforeseen tragedy is irresponsible. Not only do you have to protect your business assets, but you have to protect the livelihood of those who rely on you in Shelton CT. You can soften the blow by using a life insurance policy as protection, though. Here’s how your business can be saved with a simple Goodman Insurance Inc. policy.
Personal Life Insurance
What does personal life insurance have to do with business, you may ask.
This standard type of life insurance policy has nothing to do with your business directly. However, it can make a huge difference in the aftermath of unforeseen circumstances.
For instance, in the case of your death, your life insurance policy payout can allow your family members to run your business without interruptions while they figure out what their next move should be.
Alternately, if your relatives are forced to sell your business, they can use the policy coverage to live off of in the meantime. They can also sell your company in less-than-ideal circumstances instead of waiting for the perfect buyer or a better market.
Key Person Life Insurance
If you’re hesitant about mixing business with personal finances, you can invest in a key person life insurance policy.
This type of life insurance is directly tied to your company. Also, your policy can cover multiple people within your company.
A key person policy pays out if a covered member passes away, leaving behind their shares and responsibilities.
This is the best form of life insurance if you have a business partner. Should one of you pass away, your policy would make a payout to your company rather than to the other individual.
The money can be used in any way that’s relevant to the business. For instance, your partner can hire someone to take over your responsibilities. Also, he can use it to cover severance pay and other expenses if he finds it necessary to sell the business.
Are You Ready To Secure Your Business With Life Insurance?
If your small business in Shelton, Ct needs a life insurance policy safeguard, call your friendly Goodman Insurance Inc. agent. He or she will gladly go over your options with you, so you can make the best-informed decision to protect your assets.